You must create each new cost type individually. Create new chart of cost types or add new cost types to existing chart of cost types.You can make any necessary adjustments after the transfer. Then, you can transfer the general ledger chart of accounts to the chart of cost types. Structure the chart of cost types similar to the income statement accounts in the general ledger chart of accounts.You can set up the chart of cost types in the following ways: The chart of cost types is similar to the chart of accounts in the general ledger. When you print the chart of cost type, the chart of cost centers, and the chart of cost objects reports, you can analyze this relationship. This rule ensures that each cost entry appears in either the cost centers or the cost objects, but never in both places.īy doing this, you create the following accounting equation:Ĭost Type Balance = Cost Center Balance + Cost Object Balance The means that each cost entry must have a cost type assigned and a cost center code or a cost object assigned. When you set up cost accounting, you must make sure that all entries are assigned to a cost type as well as a cost center or a cost object.
Balances Between Cost Type, Cost Center, and Cost Object Before you start working with cost accounting, you must perform setup tasks.
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